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<p>The crypto market has experienced a significant downturn today, and several factors seem to be contributing to this decline. There has been a 1.57% decrease in the global market cap in the last 24 hours and it currently stands at $1.14 trillion.</p> 
<h2 class="wp-block-heading" id="market-overview">Market Overview</h2> 
<ul> 
 <li>Bitcoin (BTC): Currently priced at $28,649.60, it has seen a 1.75% decrease in the last 24 hours. The market cap stands at a whopping $557.52 billion with a 24-hour volume of $557.52 billion.</li> 
 <li>Ethereum (ETH): Priced at $1,800.38, it has decreased by 1.26% in the past day. Its market cap is $216.28 billion with a 24-hour volume of $216.28 billion.</li> 
 <li><a class="wpil_keyword_link" href="https://captainaltcoin.com/ripple-xrp-price-prediction/" title="XRP" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">XRP</a>: Trading at $0.5877, it has experienced a 2.42% drop in the last 24 hours.</li> 
 <li>Dogecoin (DOGE): Priced at $0.06801, it has seen a 3.70% decline in the past day.</li> 
</ul> 
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<h2 class="wp-block-heading" id="key-factors">Key Factors</h2> 
<ul> 
 <li>Major Cryptos Losing Support: Both Bitcoin and Ethereum have lost their key support and psychological levels at $29k and $1.8k respectively. Historically, when these two major cryptocurrencies experience a downtrend, it negatively affects other altcoins. As a result, other cryptocurrencies like XRP and DOGE have also seen a decline.</li> 
 <li>Seasonal Slowdown: August is traditionally a slow month for global markets, including the crypto market. With summer in full swing, many are on vacation, leading to decreased trading activity.</li> 
 <li>Binance’s Regulatory Issues: Binance, one of the world’s largest crypto exchanges, has shut down its regulated payment arm, Binance Connect. This decision came after a report on August 16, as confirmed by a spokesperson from the crypto trading platform to Cointelegraph.</li> 
 <li>Market Apathy: Crypto analytics platform Glassnode observed a period of “extreme apathy and exhaustion” in the Bitcoin market. Several key on-chain indicators have reached an all-time low, indicating a potential lack of interest or confidence among traders and investors.</li> 
 <li>Insights from Twitter: A tweet from @<a href="https://twitter.com/IncomeSharks/status/1691976019195084897?t=V7-gqsNV-NJkFBv49uRWDw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">IncomeSharks </a>highlighted that money has been leaving the crypto markets. The sentiment suggests caution, with hopes that the current trend might turn into a bear trap. However, for now, the outlook remains pessimistic.</li> 
</ul> 
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 <img decoding="async" loading="lazy" width="1024" height="500" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-1024x500.png" alt="" class="wp-image-315155" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-1024x500.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-300x146.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-766x374.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-1536x750.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-2048x1000.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-307x150.png 307w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-717x350.png 717w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530-788x384.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-530.png 680w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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<p>The crypto market is dynamic and influenced by a myriad of factors. While the current downturn is concerning for many investors, it’s essential to stay informed and make decisions based on comprehensive research and analysis.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/why-is-the-crypto-market-down-today-2/">Why is the Crypto Market Down Today?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why is the Crypto Market Down Today?

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